A subsidiary of Northcote Energy has signed a preliminary agreement with Pemex to carry out waste treatment services for the Mexican-state owned oil company.
Mayan Drilling Fluids (MDF) will use its soon-to-be commissioned treatment facility in Comalcalco, Mexico, to recycle oil cuttings from fields operated by Pemex, if a binding agreement is reached.
MDF is a joint venture between Northcote, which holds 51% of the enterprise, and its Mexican partner Gaia Ecologica.
Northcote Energy is seeking to establish a joint venture for its Oklahoma portfolio rather than an outright sale as market conditions make such a sale less likely.
Northcote Energy has teamed up with Springer Oil and Gas to buy the US operation of Africa-focused oil and gas exploration and production company Aminex.
